Denso has recorded first-quarter consolidated profit down 26% to US$530.3m, while revenue also fell 0.5% to US$12.3bn.
“Despite market slowdown in Europe and China, revenue, not including foreign exchange fluctuations, increased due to an increase in car production by Toyota,” said Denso senior executive officer, Yasushi Matsui.
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“However, foreign exchange fluctuations led to a drop in revenue. Operating profit decreased due to an increase in investment for future growth and IT investment for improving productivity and promoting work style reform, as well as currency exchange loss.
“For the new fiscal year, we have not revised revenue and operating profit due to uncertainty of market and currency exchange fluctuations.”
Denso president and CEO, Koji Arima as well as other senior leaders recently reaffirmed Denso’s commitment to its strategy designed to:
- Increase performance in the fields of electrification and automated driving
- Boost investment in R&D globally to create groundbreaking technologies
- Focus on key initiatives both in and outside the auto industry to add value
